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Become A Payment Processor

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Working As A Payment Processor

  • Getting Information
  • Interacting With Computers
  • Processing Information
  • Documenting/Recording Information
  • Organizing, Planning, and Prioritizing Work
  • Mostly Sitting

  • Repetitive

  • $43,000

    Average Salary

What Does A Payment Processor Do

Bookkeeping, accounting, and auditing clerks produce financial records for organizations. They record financial transactions, update statements, and check financial records for accuracy.

Duties

Bookkeeping, accounting, and auditing clerks typically do the following:

  • Use bookkeeping software, online spreadsheets, and databases
  • Enter (post) financial transactions into the appropriate computer software
  • Receive and record cash, checks, and vouchers
  • Put costs (debits) and income (credits) into the software, assigning each to an appropriate account
  • Produce reports, such as balance sheets (costs compared with income), income statements, and totals by account
  • Check for accuracy in figures, postings, and reports
  • Reconcile or note and report any differences they find in the records

The records that bookkeeping, accounting, and auditing clerks work with include expenditures (money spent), receipts (money that comes in), accounts payable (bills to be paid), accounts receivable (invoices, or what other people owe the organization), and profit and loss (a report that shows the organization’s financial health).

Workers in this occupation have a wide range of tasks. Some are full-charge bookkeeping clerks who maintain an entire organization’s books. Others are accounting clerks who handle specific tasks.

These clerks use basic mathematics (adding, subtracting) throughout the day.

Bookkeeping, accounting, and auditing clerks use specialized computer accounting software, spreadsheets, and databases to enter information from receipts or bills. They must be comfortable using computers to record and calculate data.

The widespread use of computers also has enabled bookkeeping, accounting, and auditing clerks to take on additional responsibilities, such as payroll, billing, purchasing (buying), and keeping track of overdue bills. Many of these functions require clerks to communicate with clients.

Bookkeeping clerks, also known as bookkeepers, often are responsible for some or all of an organization’s accounts, known as the general ledger. They record all transactions and post debits (costs) and credits (income).

They also produce financial statements and other reports for supervisors and managers. Bookkeepers prepare bank deposits by compiling data from cashiers, verifying receipts, and sending cash, checks, or other forms of payment to the bank.

In addition, they may handle payroll, make purchases, prepare invoices, and keep track of overdue accounts.

Accounting clerks typically work for larger companies and have more specialized tasks. Their titles, such as accounts payable clerk or accounts receivable clerk, often reflect the type of accounting they do.

The responsibilities of accounting clerks frequently vary by level of experience. Entry-level accounting clerks may post details of transactions (including date, type, and amount), add up accounts, and determine interest charges. They also may monitor loans and accounts to ensure that payments are up to date.

More advanced accounting clerks may add and balance billing vouchers, ensure that account data are complete and accurate, and code documents according to an organization’s procedures.

Auditing clerks check figures, postings, and documents to ensure that they are mathematically accurate and properly coded. They also correct or note errors for accountants or other workers to fix.

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How To Become A Payment Processor

Most bookkeeping, accounting, and auditing clerks need some postsecondary education and also learn some of their skills on the job. They must have basic math and computer skills, including knowledge of spreadsheets and bookkeeping software.

Education

Employers generally require bookkeeping, accounting, and auditing clerks to have some postsecondary education, particularly coursework in accounting. However, some candidates can be hired with just a high school diploma.

Training

Bookkeeping, accounting, and auditing clerks usually get on-the-job training. Under the guidance of a supervisor or another experienced employee, new clerks learn how to do their tasks, including double-entry bookkeeping. In double-entry bookkeeping, each transaction is entered twice, once as a debit (cost) and once as a credit (income), to ensure that all accounts are balanced.

Some formal classroom training also may be necessary, such as training in specialized computer software. This on-the-job training typically takes around 6 months.

Licenses, Certifications, and Registrations

Some bookkeeping, accounting, and auditing clerks become certified. For those who do not have postsecondary education, certification is a particularly useful way to gain expertise in the field. The Certified Bookkeeper (CB) designation, awarded by the American Institute of Professional Bookkeepers, shows that those who have earned it have the skills and knowledge needed to carry out all bookkeeping tasks, including overseeing payroll and balancing accounts, according to accepted accounting procedures.

For certification, candidates must have at least 2 years of full-time bookkeeping experience or equivalent part-time work, pass a four-part exam, and adhere to a code of ethics.

The National Association of Certified Public Bookkeepers also offers certification. The Uniform Bookkeeper Certification Examination is an online test with 50 multiple-choice questions. Test takers must answer 75 percent of the questions correctly to pass the exam.

Advancement

With appropriate experience and education, some bookkeeping, accounting, and auditing clerks may become accountants or auditors.

Important Qualities

Computer skills. Bookkeeping, accounting, and auditing clerks need to be comfortable using computer spreadsheets and bookkeeping software.

Detail oriented. These clerks are responsible for producing accurate financial records. They must pay attention to detail in order to avoid making errors and recognize errors that others have made.

Integrity. Bookkeeping, accounting, and auditing clerks have control of an organization’s financial documentation, which they must use properly and keep confidential. It is vital that they keep records transparent and guard against misappropriating an organization’s funds.

Math skills. Bookkeeping, accounting, and auditing clerks deal with numbers daily and should be comfortable with basic arithmetic.

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Payment Processor Career Paths

Payment Processor
Billing Specialist Accounts Receivable Specialist Accountant
Accounting Manager
7 Yearsyrs
Billing Specialist Specialist Consultant
Controller
9 Yearsyrs
Billing Specialist Team Leader Office Manager
Business Office Manager
7 Yearsyrs
Accounting Clerk Accountant Accounting Manager
Assistant Controller
6 Yearsyrs
Accounting Clerk Accountant Finance Analyst
Finance Manager
7 Yearsyrs
Accounting Clerk Finance Analyst Manager
Assistant Vice President
7 Yearsyrs
Specialist Team Leader Office Manager
Office Manager Of Human Resources
6 Yearsyrs
Specialist Consultant Office Manager
Accountant And Office Manager
6 Yearsyrs
Processor Underwriter Account Manager
Client Services Manager
7 Yearsyrs
Processor Underwriter Branch Manager
Relationship Manager
6 Yearsyrs
Processor Coordinator Accounts Receivable Specialist
Accounts Receivable Supervisor
5 Yearsyrs
Accounts Receivable Specialist Staff Accountant Accounts Payable Supervisor
Accounts Payable Manager
7 Yearsyrs
Claim Processor Accounts Payable Clerk Credit Analyst
Credit Manager
5 Yearsyrs
Claim Processor Analyst Senior Accountant
Accounts Receivable Manager
6 Yearsyrs
Claim Processor Account Representative Credit Analyst
Credit And Collection Manager
7 Yearsyrs
Analyst Manager Property Manager
Asset Manager
7 Yearsyrs
Analyst Team Leader Customer Service Manager
Collections Manager
5 Yearsyrs
Accounts Receivable Clerk Auditor Medical Coder
Billing Supervisor
6 Yearsyrs
Accounts Receivable Clerk Collections Specialist Credit And Collections Analyst
Senior Accounts Receivable Specialist
7 Yearsyrs
Accounts Receivable Clerk Senior Accountant Accounts Payable Manager
Account Operations Manager
6 Yearsyrs
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Average Length of Employment
Adjustment Clerk 4.5 years
Accountable Clerk 3.7 years
Account Technician 3.4 years
Research Clerk 3.3 years
Payment Processor 3.0 years
Billing Specialist 3.0 years
Account Processor 2.9 years
Account Specialist 2.7 years
Data Processor 2.5 years
Posting Clerk 2.4 years
Processor 2.2 years
Payment Collector 2.0 years
Document Processor 1.8 years
Top Careers Before Payment Processor
Cashier 10.7%
Teller 4.1%
Clerk 2.5%
Specialist 2.3%
Processor 2.3%
Top Careers After Payment Processor
Cashier 7.9%
Specialist 4.1%
Processor 3.5%
Analyst 2.7%

Do you work as a Payment Processor?

Payment Processor Demographics

Gender

Female

68.8%

Male

19.0%

Unknown

12.2%
Ethnicity

White

61.5%

Hispanic or Latino

15.9%

Black or African American

12.1%

Asian

7.1%

Unknown

3.4%
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Foreign Languages Spoken

Spanish

65.9%

French

8.3%

Italian

3.8%

Chinese

3.8%

Japanese

3.0%

Mandarin

1.5%

Carrier

1.5%

Portuguese

1.5%

Persian

1.5%

Arabic

1.5%

Vietnamese

0.8%

Hindi

0.8%

Dutch

0.8%

Korean

0.8%

Khmer

0.8%

Armenian

0.8%

Tamil

0.8%

Cebuano

0.8%

Nepali

0.8%

Braille

0.8%
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Payment Processor Education

Schools

University of Phoenix

28.0%

Strayer University

8.2%

Kaplan University

7.3%

Ashford University

5.4%

Everest Institute

4.7%

Cuyahoga Community College

4.5%

Central Piedmont Community College

4.5%

Franklin University

4.1%

Columbus State Community College

3.9%

Tidewater Community College

3.4%

Houston Community College

3.2%

Southern New Hampshire University

3.0%

Ohio State University

2.8%

Ultimate Medical Academy - Clearwater

2.6%

Liberty University

2.6%

Capella University

2.6%

University of North Texas

2.4%

The Academy

2.4%

Mohawk Valley Community College

2.4%

College of Southern Nevada

2.2%
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Majors

Business

30.2%

Accounting

15.3%

Health Care Administration

11.5%

Finance

4.1%

General Studies

3.8%

Psychology

3.7%

Medical Assisting Services

3.6%

Criminal Justice

3.3%

Management

2.9%

Nursing

2.5%

Communication

2.5%

Computer Science

2.4%

Human Resources Management

2.3%

Marketing

2.0%

Computer Information Systems

2.0%

Education

1.7%

Human Services

1.7%

Insurance

1.6%

Liberal Arts

1.4%

Secretarial And Administrative Science

1.4%
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Degrees

Other

33.1%

Bachelors

29.0%

Associate

19.1%

Masters

7.1%

Certificate

6.9%

Diploma

4.0%

License

0.5%

Doctorate

0.3%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$43,000
View Detailed Salary Report
$27,000
Min 10%
$43,000
Median 50%
$43,000
Median 50%
$43,000
Median 50%
$43,000
Median 50%
$43,000
Median 50%
$43,000
Median 50%
$43,000
Median 50%
$66,000
Max 90%
Best Paying Company
Citi
Highest Paying City
Anchorage, AK
Highest Paying State
Hawaii
Avg Experience Level
2.7 years
How much does a Payment Processor make at top companies?
The national average salary for a Payment Processor in the United States is $43,061 per year or $21 per hour. Those in the bottom 10 percent make under $27,000 a year, and the top 10 percent make over $66,000.

How Would You Rate The Salary Of a Payment Processor?

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Top Skills for A Payment Processor

  1. Payment Arrangements
  2. Customer Service
  3. Data Entry
You can check out examples of real life uses of top skills on resumes here:
  • Explained customer billing and payment arrangements.
  • Ranked second in department, demonstrating the ability to process payments quickly while maintaining integrity and providing superior customer service.
  • Provided timely and accurate data entry.
  • Contacted insurance companies to get additional information in order to properly post payments.
  • Provided documentation to assist financial institutions and branch personnel in identifying improvement opportunities and assisted in training of other bank staff.

How Would You Rate Working As a Payment Processor?

Are you working as a Payment Processor? Help us rate Payment Processor as a Career.

Top Payment Processor Employers

Jobs From Top Payment Processor Employers

Payment Processor Videos

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What is a Payment Processor?" — 2Checkout E-Commerce Glossary"

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